Garry Monk has dramatically resigned from Leeds United following a week of speculation surrounding his future.

Earlier this week, Monk was installed as the bookies' favourite to take charge of Boro this summer - with a flurry of bets seeing him move from 4/1 to 1/2 with Sky Bet.

Despite the speculation, Monk was expected to remain at Elland Road following a successful takeover by Andrea Radrizzani, and reports this week suggested Leeds would trigger an automatic one-year extension in his contract.

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"We are shocked and disappointed by Garry’s decision but his resignation has been reluctantly accepted by chairman Andrea Radrizzani.

"Andrea made it clear to the media yesterday that his intention was to exercise the Club's option to extended the manager's contract for another 12 months and immediately begin negotiations for a longer term deal.

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"Mr Radrizzani has met with Garry twice since taking over at Elland Road earlier this week and during the second meeting yesterday it became clear that Garry was considering life beyond Leeds United as at no time did Garry wish to discuss terms for a longer contract.

"Following that meeting yesterday Garry’s agent requested that the option was not exercised and his resignation was received this morning.

Leeds manager Garry Monk (Image: Getty Images Europe)

"Whilst we are deeply saddened by Garry’s decision, there is no individual bigger than our Club and we will now begin a process to identify and appoint a new head coach to take the club to the next level.

"We thank Garry for his contribution during his time at Leeds United, we are disappointed that would could not continue on this journey together."

The former Boro club captain is currently on holiday but is expected to return to the UK next week - and is then expected to hold talks with Boro's top brass.

But Monk's availability could yet prove a fresh twist, as chairman Steve Gibson continues to assess his options following Boro's relegation from the Premier League.

With former Boro European recruitment chief Victor Orta reportedly set to move to Leeds as technical director, Aitor Karanka's name has already been mentioned as Monk's possible successor at Elland Road.